Ayres, Joao; Raveendranathan, Gajendran - 2020
output, employment, and firm debt during the Great Recession (2007-2009) in the United States, we find that the credit shock …We analyze a general equilibrium model of firm dynamics to study the effects of shocks to productivity, labor wedge … accounts for the observed rise in firm exit and its concentration among young firms. Furthermore, it accounts for 20 percent of …